Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost
Inventory, December 31, prior year 1,950 $ 5
For the current year:
Purchase, March 21 5,050 7
Purchase, August 1 2,810 8
Inventory, December 31, current year 4,070
Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.)